Eurozone: Fall in PMIs in services – manufacturing in March

Business growth in the Eurozone slowed in March as the economic impact of the Russian invasion of Ukraine nullified the impetus for further opening of economies from anti-Covid-19 restrictions.

In particular, the composite PMI, which combines manufacturing and services, fell to a two-month low of 54.5 points from 55.5 points in February, according to initial data from S&P Global.

The PMI for the services sector fell to 54.8 points in March from 55.5 points in February. The manufacturing PMI fell to a 14-month low of 57.0 points from 58.2 points. The manufacturing PMI slipped to a five-month low of 53.6 from 55.5 last month.

“Research data show that the Ukraine-Russia war has a direct and substantial impact on the Eurozone economy and underscores the risk that the Eurozone will fall in the second quarter,” said Chris Williamson, chief economist at S&P Global.

Source: Capital

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